This is the third installment of my posts regarding challenging the property reappraisal process by the Shelby County, TN Property Appraiser. You can see the first two posts here and here.
I have finally received all of my new property assessments. And in the greatest recession since the Great Depression, my properties have increased in value by about 17%. Obviously I will be challenging some of these new assessments.
The first step in the challenge process is to go to the assessor’s office and ask to see the comps (or comparable property sales) that were used to determine my properties’ values. The staff at out local assessor’s office is generally quite helpful and will be glad to do this for you.
The second step would be to then analyze those comps and compare them with your properties to determine if they are a true comp. Does the comp property mach the characteristics of your property? Does it have the same number of beds and baths for example? Does it have the same heating and air systems? Are the comps in the same general area? Are you being comped with a much pricier locale? Location can really make a difference in my location as one block can be a huge change from one right next door.
Third, start looking for your own comps. This is when it is really helpful to be or know a realtor, as they have access to one of the best databases for this kind of information. But there are plenty of other sources out there, including the assessor’s database itself.
In looking over the comps for my properties I have several questions regarding how the assessor used those comps. I have e-mailed the assessor with those questions and I am awaiting a response. When I get that response, I will blog about it and this continuing process again in the near future.
